Saturday, August 22, 2009

Good advice from Jeffrey Simpson


Jeffrey Simpson of the Globe writes today:

“The Liberals' biggest challenge (they have many) lies in having failed this summer or before to develop a “line,” or an easily digestible overall critique of the government. It's a crude game, politics, and an opposition party to win needs one word or one phrase that sticks in the public's mind about the government – time for a change, corrupt, incompetent, uncaring, the tool of big business. Whatever. It's not at all clear what that word or phrase is that the Liberals have hung around the Conservatives' neck.”

This is the WASTED OPPORTUNITY of the income trust issue in the hands of the Liberals, for it meets all of Jeffrey Simpson’s prerequisites:

“Corrupt”
......$35 billion of 2.5 million Canadians’ hard earned savings were lost on Harper’s policy lie called tax leakage, in order to benefit a very few rich and powerful

“Incompetent”........instead of stemming alleged tax leakage , this inane income trust tax CAUSED tax leakage......just ask accounting firm Deloittes.....here.

“Uncaring”
.......Harper promised he would “never raid seniors nest eggs” and did that very thing nine months later by blaming the victim and calling these people “coupon clippers”

“Tool of big business”....for that I will turn to the Globe and Mail an their account of how this trust tax came into being.....talk about Harper being a tool of big business:

“High-profile directors and CEOs, meanwhile, had approached Mr. Flaherty personally to express their concerns: Many felt they were being pressed into trusts because of their duty to maximize shareholder value, despite their misgivings about the structure. Paul Desmarais Jr., the well-connected chairman of Power Corp. of Canada, even railed against trusts in a conversation with Prime Minister Stephen Harper during a trip to Mexico.”

Opportunities like Harper’s income trust tax fiasco are political manna from heaven.......that is being squandered by the Liberals who seem reluctant to portray Harper as being “corrupt, incompetent, uncaring, the tool of big business”.

Why?

8 comments:

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Dr Mike said...

Brent

As you say the big question is why.

There is election / attack ad written all over this one.

Taking hard earned savings from the small investor to give to the CEOs of outfits like Manulife.

Ripping the savings from the accounts of old folks across the country to give to the CEOs of outfits like Manulife.

Allowing good Canadian trusts to be taken over by private equity from who know`s where to give more cash to outfits like Manulife.

Removing huge dollars from the Canadian tax coffers that would have paid for valuable services just to give a break to outfits like Manulife.

So why are the Libs not all over this one.

Could it be because the common denominator , hint Manulife , would still be in the picture.

Once again it is Big Corporate Canada 1

Little guy Canadian citizen 0.

Dr Mike

Anonymous said...

Good advice from Jeffrey Simpson
I believe the Libs march to the same drummer as the CONS i.e. the wealthy and powerful elite. The same elite contribute to both parties, and lean on them for legislation benefiting themselves and their corporations at the expense of the ordinary Canadian.

Income Trust tax, GST cuts and now the HST (Harper Screwsuagain Tax) are all to the benefit of Corporations at the expense of the little guy.

We best get used to it. There is no democracy left in Canada. Its everyone one for themselves.

Tax revenue is falling, so they will raise new taxes on us.

We need a party who cares about the ordinary Canadian not the elite nor the privileged group who have plush pensions.

Not going to happen in our lifetime.


Forecaster13

Dr Mike said...

Forecaster13

YOU are right on the money here.

Just look at every panel set-up over the last 10 years by the gov`t in power to solve one problem or another & you will see that it is always made-up of the one`s who will benefit the most , the corporate elite.

What about the guy on the street , is he too dumb to have an idea or two??

Do the clowns on the panels know what is best for us & for the country as a whole.

Maybe we should look at who caused the current economic meltdown for the answers.

Sure wasn`t us.

Dr Mike Popovich.

Anonymous said...

Brent,Absolutely correct!!!

WHY is it that the Liberals are so reluctant to pursue this political "gift" from their opponents? It's the most obvious and natural issue with which to bludgeon the Tories and yet they have done virtually NOTHING with it for coming up to three years - and through two leaders and an election)!!!

What the hell is wrong with their political compass or, is there something that they know or, think, which they are NOT prepared to share with us? Do they secretly or, quietly agree with the Income Trust tax (like the GST which they railed about and yet, through three majority governments from 1993-2005 did nothing about)?

Hugh

Anonymous said...

Haven't seen a mention of the recent increase in foreign ownership of TSX listed stuff on this site. A few articles have appeared on that topic in mainstream media. Prior to the financial meltdown CAITI was famous for this prediction ...

Link the increase of foreign ownership in Canada info, to income trusts and maybe we have our answer or a better understanding of "why?" Hmm maybe the Liberals aren't educating Canadians on Income Trusts or how markets work as they take their orders from elsewhere and not the Canadian people?
According to the Gazette June 09, the Liberals did take Desmarais money ... maybe that explains a few things? That article also indicated the Desmarais weren't willing to give one red cent while Dion was around. Interesting ...

CAITI said...

Anonymous:

Can you provide a link to that June 09 Gazette article?

Thanks,

Brent

Anonymous said...

Tried to find the article for you ...
After doing some research I am quite sure it was in the June 3, 2009 edition ... The article itself was a fluff piece on the Liberal fundraiser June 4. I was visiting at the time and don't normally get to read a printed copy.
The way the article was written caught my attention as an income trust investor. I think it was one of the Desmarais wives that was being sent to represent the family. The article took the slant this was a positive thing for the Liberal party. I also recall it was very cleverly phrased to avoid using Dion's name. It indicated something like "they didn't feel they could afford to be connected to the Liberal party under the previous leadership ..."

Sorry I don't think this actual article was quite what you were looking for ... For some reason with your Liberal/financial connections I assumed you knew about this.
I don't think most people would think the Liberal party taking Desmarais money at a ticketed fundraiser is a big deal ...
Maybe I have been taking certain things on this forum too seriously?
Either way, as an income trust investor not impressed. I doubt anyone put her in the hot seat on the Income Trust issue.
I also found some photos online for that event ... no captions including her name. I am sure she was smart enough to avoid the camera and generally keep a low profile.